The Social Security System (SSS) said it was seeking to improve the loan management process, primarily through the use of the Payment Reference Number (PRN) in salary, disaster, emergency and payment payments. restructured loan.
SSS President and CEO Aurora C. Ignacio said in a statement Thursday that the changes will allow the pension fund to process loans more quickly.
A PRN is a system-generated number for the member’s or employer’s loan billing statement. The SSS sends monthly billing statements and notices with PRN to the borrower’s registered email address and cell phone number.
Loan payments that do not carry the NRP will no longer be accepted, including those deposited through the Electronic Data Interchange System.
Ms Ignacio said the original plan was to implement mandatory use of the PRN from February 1, but decided to move the target date to July 1 to give their members and employers more time to register. via the My.SSS portal.
The portal allows them to update their basic information, including email addresses and phone numbers, to ensure that they receive notifications and the PRN, which must be presented at checkout.
Borrowers can also update the amount they want to pay in their billing statement through the portal or through SSS branches.
The pension fund released 62.35 billion pesos in loans to its members in 2020, up 53.6%. However, loan repayments fell 17.6 percent to 32.44 billion pesos due to the difficulties they may have faced during the pandemic.
Contribution collections fell 7.1% in 2020 to 204.75 billion pesos. – Beatrice M. Laforga